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Fitch ups Taiwan Cooperative Bills to BBB-
Fitch Ratings said it upgraded most ratings of Taiwan Cooperative Bills Finance Corp. including its long-term foreign-currency issuer default rating to BBB- from RD; short-term foreign-currency issuer default rating to F3 from NR, national long-term rating to A(twn) from RD(twn); and national short-term rating to F1(twn) from NR(twn).
The outlook is stable.
The upgrade comes after a very strong letter of support for it from Taiwan Cooperative Bank, which has an issuer default rating of BBB+, Fitch said.
The agency also noted its much-improved financial strength following the recent Taiwan Cooperative Bank-led successful restructuring.
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